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Braveheart Announces 57% Increase in Copper Metal in New Mineral Resource at Bull River Mine

08.12.2021 | 14:00 Uhr | Newsfile

Calgary, December 8, 2021 - Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) (FSE: 2ZR) ("Braveheart" or the "Company") is pleased to announce a 57% increase in copper metal in the new Mineral Resource for the Bull River Mine, near Cranbrook, B.C. The Mineral Resource estimate was independently prepared by Moose Mountain Technical Services (MMTS) under the supervision of Sue Bird, P.Eng.

The current Mineral Resource is based on a 0.9% copper equivalent ("CuEq") cut-off grade ("COG") whereas the 2018 Mineral Resource was based on a 0.6% CuEq COG. The 2018 Mineral Resource, dated November 22, 2018, was filed on SEDAR on January 23, 2019 and was also prepared by Sue Bird, P.Eng. The increases are due to the inclusion of new drilling from 2020 and 2021, reinterpretation of the mineralized shapes and additional certificates and QAQC being applied.

Ian Berzins, President and CEO, commented, "We are extremely pleased with the results of the up-dated Mineral Resource. This represents increases in copper metal of 23% in the Indicated Mineral Resource and 230% in the Inferred Mineral Resource from the 2018 Mineral Resource estimate. Additionally, both gold and silver metals increased by 63% and 71% respectively compared with the 2018 Mineral Resource estimate. The results are encouraging because we have significant overall increases in copper, gold and silver notwithstanding the use of a higher COG of 0.9% CuEq in the new Mineral Resource versus 0.6% CuEq in the previous Mineral Resource."

Table 1: Summary of Bull River Mineral Resource - Effective Date December 1, 2021

Classification Cutoff CuEq (%) In situ In situ Grades Metal
Tonnage CuEq Cu Au Ag NSR Cu Au Ag
(Ktonnes) (%) (%) (gpt) (gpt) ($CDN) (000 lbs) (kz) (koz)
Indicated 0.9 2,261 2.132 1.796 0.422 15.3 155.29 89,545 30.6 1,113
Inferred 0.9 1,356 1.918 1.598 0.417 13.6 139.70 47,799 18.2 594

Mineral Resource Notes:

  1. The qualified person responsible for the mineral resource estimate is Sue Bird P.Eng of MMTS.
  2. The base case cut-off is an NSR value of CDN$65/tonne, based on Processing costs of CDN$30/tonne and Underground Mining costs of CDN$35/tonne.
  3. A minimum mining width of 2.0m is assumed.
  4. Mineral resources are based on a US$1,600/oz gold price, US$3.50/lb copper price and US$20/oz silver price and the following smelter terms: 96.25% payable Cu, 97.5% payable Au and 90% payable Ag.
  5. Forex of 0.79 US$:CDN$
  6. Treatment charges of US$5/tonne for Cu, Refining charges of US$0.005/lb Cu, US$8/oz for AuUS$0.5/oz Ag.
  7. Transportation charges of US$100/tonne Cu concentrate.
  8. Metallurgical recoveries have been estimated as 93% for Cu, 75% for Au, and 90% for Ag.
  9. The mineral resource has been confined by a "reasonable prospects of eventual economic extraction" underground shape equating to an NSR cut-off of CDN$65/tonne with all material within this shape reported as the resource.
  10. The bulk density has been assigned values of 2.7 and 3.06 tonnes/m3 depending on mineralized domain.
  11. Rounding as required by reporting guidelines may result in summation differences.

Table 2: Summary of Bull River Mineral Resource - Effective Date November 4, 2018

Classification Cutoff Cu Eqv. (%) In situ In situ Grades Metal Difference in Metal
Tonnage CuEq Cu Au Ag NSR Cu Au Ag Cu Au
(Ktonnes) (%) (%) (gpt) (gpt) ($CDN) (000 lbs) (koz) (koz) (2021-2018)/2018
Indicated 0.6 2,179 1.809 1.517 0.352 12.2 107.70 72,902 25 857 23% 22%
Inferred 0.6 513 1.503 1.279 0.284 8.7 89.46 14,474 5 144 230% 264%

The Bull River Mine is fully developed and dewatered with 21,000 metres of underground developments in terms of ramps, raises and drifting on mineralized structures on seven levels. The surface infrastructure includes a 700 tonne per day conventional mill with adjoining crushing facilities as well as offices and mine maintenance facilities. The property is connected to grid power and there is year-round access to the site by paved and all-weather roads.

The Company further announces that, pursuant to its stock option plan, it has granted 500,000 options at an exercise price of $0.10 and an expiry of five years from the date of issue to certain directors, officers, employees and consultants of the Company.

Qualified person

The disclosure of technical or scientific nature in this news release has been reviewed and approved by Sue Bird, P.Eng. who serves as a Consultant to the Company and is a Qualified Person under the definition of National Instrument 43-101. A NI 43-101 Technical Report will be filed on SEDAR within 45 days of this press release.

About Braveheart Resources Inc.

Braveheart is a mining company primarily focused on two near-term copper production assets in Canada. Braveheart's main asset is the 100% owned Bull River Mine project (>135MM lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. Braveheart's newest acquisition is the 100% owned Thierry Mine project (>1,300MM lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.

Contact Information
Braveheart Resources Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@braveheartresources.com
Website: www.braveheartresources.com

For more investor information, please contact Braveheart at:

Manish Grigo
Director, Corporate Development
M: +1-416-569-3292
E: mgrigo@braveheartresources.com

Caution Regarding Forward-Looking Information

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107042

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